Rho

Rho provides banking services to individuals via a web portal. The company offers its services under the license of Webster Bank. Products offered by the company include bank accounts, corporate credit cards and business management tools such as accounts payable software. To create an account, the company requires a minimum initial deposit of USD 50,000 and a credit card spending commitment of over USD 5,000 a month. All banking services are offered free of charge; however, certain services may be subject to specific fees.

The company’s credit offering does not charge any fees and has no personal guarantee requirement. The company also claims that it offers higher credit limits compared with traditional institutions and offers a payback window of up to 60 days and charges no transaction fees. The company offers an unlimited number of credit cards (both physical and virtual) to customers based on the number of employee coverage required. The platform also enables customers to set up inbuilt controls and set up smart limits and restrictions on cards to monitor employee spending and oversee card transactions in real-time. The company also provides cash back rewards for credit card usage, depending on how long customers take to pay their dues. For instance, customers who settle their credit card balances within a day are eligible for cashback rewards equivalent to 1.75% of their balances, while customers who settle credit balances between 30-45 days are entitled to cashback rewards equivalent to 1.5%.

The company also enables customers to manage their accounts payable function via its platform, enabling them to automatically settle invoices via the platform, with no payment fees. This includes both domestic and international payments, with international payments being made at a foreign exchange rate of 1%.

Key customers and partnerships

In May 2024, the company formed a partnership with Navan, a business travel and expense management platform, to develop a co-branded solution for businesses to manage finances more efficiently using the Rho Corporate Card.

Funding and financials

Rho raised USD 75 million in a Series B funding round led by Dragoneer Investment Group in December 2021, with plans to funnel the fresh funds into product development and building out its technology.

As of December 2021, the company reported that its annualized transaction volume grew from under USD 2 billion in December 2020 to about USD 3 billion cumulatively between January and November 2021.